Flutter reveals tumbling earnings

Profits slumped despite revenues increasing

Group revenue growth had slowed to 2% in the first seven weeks of 2022 but said this was set to pick up as the year goes on.

Paddy Power and Betfair owner Flutter Entertainment has revealed tumbling annual earnings as it was hit by a run of customer-friendly sports results, investment in its US arm and regulation changes.

The group posted a 24% slump in underlying pre-tax profits to £620m (€742m) for 2021, despite revenues rising 17% on a constant currency basis to £6bn (€7.18bn).

On a bottom line basis, it swung to a £288m (€344.6m) loss from £1m (€1.2m) in profits in 2020.

It said group revenue growth had slowed to 2% in the first seven weeks of 2022 but said this was set to pick up as the year goes on.

Flutter added it was monitoring the situation with Russia and Ukraine "closely", but had "materially reduced" its exposure to the Russian online market since its buyout and merge with The Stars Group in 2020.

The Russian market contributed £41m (€49m) to the group last year, with £19m (€22.7m) from Ukraine.